Video: When and How to Get a Loan
Taking out a loan can be confusing and intimidating. This video can help make the process clearer and easier. Watch to learn when to get a loan, how to get a loan, and what to look for in a lender.
For more information on how to get a loan or to talk with one of Gateway Bank’s loan officers, contact us today.
In this video:
[0:25] What is a loan
[0:45] When to get a loan
[1:21] What to look for in a lender
[2:05] How to apply for a loan
[2:28] How long the review process takes
[2:45] What to expect during the closing process
[3:13] What’s next after closing
How Do Loans Work? An Overview of the Elements of a Loan: https://gcbaz.com/news-and-resources/video-how-do-loans-work-an-overview-of-the-elements-of-a-loan/
Types of business loans: https://gcbaz.com/business-banking/business-loans/
Types of personal loans: https://gcbaz.com/personal-banking/loans/
An overview of the loan process: http://gcbaz.com/loanprocess
Checklist of documents to submit with your loan application: http://gcbaz.com/loanchecklist
Business loan application: gcbaz.com/businessloanapp
Don Thompson: Hello, I’m Don Thompson, and I’m the Chief Credit Officer here at Gateway Bank.
Jim LeCheminant: My name is Jim LeCheminant. I’m Vice President of Business Development for Gateway Bank.
James Christensen: My name is James Christensen. I’m the President and CEO of Gateway Bank. Today I’d like to talk to you about when to get a loan, how to get a loan, and how to choose a partner.
What’s the loan process like?
James Christensen: A loan is basically…you’re getting together with a banking partner that you choose, and set up a repayment schedule on a note that will help your business accomplish the goals that you’re setting out to.
Jim LeCheminant: Sometimes we try and deal with people and ask them if they really need a loan. We find out what they’re trying to accomplish and see if we can help.
When should I get a loan?
James Christensen: The right time to get a loan is when you’re in the strategic planning process with your business. If you’re going to need some equipment for the coming year, if you’re going to need to increase your line of credit to handle your growth.
Jim LeCheminant: They’re at that point where they don’t have the cash flow to keep it going and to grow to the next step. That’s when it’s time to come in and visit with us.
James Christensen: You’re really building your relationship with the bank, so I’ve already met you, I know you, I know what your plans are for the future. We kind of help the consulting process through there on the steps, and we have plenty of time to figure out how to help you accomplish all your goals.
What should I look for in a lender?
James Christensen: When you’re looking for a lender, I think you need to spend some time. I actually always recommend to folks to meet with at least two different banks.
Jim LeCheminant: You want a lender that’s going to work with you, that you can trust, that you can talk to, and that makes decisions locally or right inside the bank. Not some other state, not some other source that doesn’t know anything about your business or you personally.
James Christensen: You’re really looking for a culture fit and somebody that has worked with your type of business and understands what to look for. When we’ve worked with you all the way through the entire process, we’ve seen the good, the bad, and the ugly. I think just being able to talk to your banker and really look at your banker as your partner, it really is an integral piece of your business. It’s like an additional employee of your business.
How do I apply for a loan?
Don Thompson: We can provide a checklist of the documents that we’ll need in order to apply for various kind of loans, whether that’s a real estate loan or a business loan.
James Christensen: First of all, just putting the entire packets together, and along the way if there’s any questions that you have, pieces of information you don’t typically have readily available at your hands, we can help you put that together and answer any questions along the way.
How long does the review process take?
James Christensen: At Gateway, the review process is typically a lot faster since all the decisions are made locally. We have a team — between the lender, the credit analyst, and loan ops — that are working on that credit as soon as you have it in here, so typically we’re turning it from that full package and getting it to the committee within a week.
What should I expect during the closing process?
Don Thompson: The loan closing process is exciting from the standpoint that we’ve made the decision, and you’re approved. You’re going to be able to get the money you want to either grow your business or buy that piece of equipment or buy real estate.
James Christensen: We want to make sure you’re as comfortable as possible during the closing process, so we’re going to send the documents to you ahead of time to review and make sure that all the terms are as you expected so there’s no surprises at closing.
James Christensen: Gateway Bank has never been about the transaction.
Jim LeCheminant: There are a number of banks that sell off their loans. We don’t do that. We do what’s known as portfolio loans. We keep them when we work with that customer.
James Christensen: Once your loan is with us, your relationship is with us. We’re a partner in your business. It’s not a one-and-done, where we’ve closed the loan and you’re never going to see us again.
James Christensen: It’s really a lifetime relationship at the bank, so we’re going to call you occasionally. Typically there’s going to be some reporting you’re going to be providing us periodically, and we’ll call and ask questions. Or really, we just like to stop by periodically just to tour the business and see what happened with the loan proceeds and let you tell us what’s going on with your business today.
James Christensen: When you’re ready to develop the best banking relationship you’ve ever had, give us a phone call or check us out on our website.